OFG Bancorp

{{short description|Financial holding company located in San Juan, Puerto Rico}}

{{redirect|Oriental Bank and Trust|other uses of "Oriental Bank"|Oriental Bank (disambiguation)}}

{{Infobox company

| name = OFG Bancorp

| logo =

| photo =

| type = Public

| traded_as = {{NYSE|OFG}}
S&P 600 Component

| foundation = Humacao, Puerto Rico; 1964

| location = San Juan, Puerto Rico

| key_people = Jose Rafael Fernandez, Chief Executive Officer, Chairman

Maritza Arizmendi Díaz, CFO

| industry = Finance and Insurance

| products = Banking
Checking accounts
Insurance
Stock brokerage
Asset-based lending
Consumer finance

| revenue = {{increase}} US$ 709.62 million (2024){{Cite web |title=OFG Bancorp Form 8-K |url=https://www.sec.gov/Archives/edgar/data/1030469/000103046925000003/ofg-20244qxexx99.htm|publisher=U.S. Securities and Exchange Commission| date=22 January 2025}}

| assets = {{increase}} US$ 11.523 billion (2024)

| equity = {{increase}} US$ 1.256 billion (2024)

| net_income = {{increase}} US$ 198.17 million (2024)

| num_employees = 2,246 (2024)

| homepage = [http://www.ofgbancorp.com/ www.ofgbancorp.com]

}}

File:OFG HQ.jpg

OFG Bancorp, founded in 1964, is the financial holding company for Oriental Bank, located in San Juan, Puerto Rico. OFG offers a wide range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico and the U.S. Virgin Islands through its principal subsidiaries: Oriental Bank, Oriental Financial Services LLC, and Oriental Insurance LLC. Its headquarters are located at Oriental Center, 254 Muñoz Rivera Avenue, San Juan, PR 00918. OFG Bancorp has $11.5 billion in assets (2024), and approximately 2,246 employees (2024).

In 2010, Oriental acquired failed competitor Eurobank. In late 2012, Oriental completed the acquisition of Spain's Banco Bilbao Vizcaya Argentaria's Puerto Rican unit for $500 million in cash.[https://www.reuters.com/article/us-bbvapr-orientalfinancial-takeover/oriental-financial-to-buy-bbvas-puerto-rican-bank-idUSBRE85R0NZ20120628 Oriental Financial to buy BBVA's Puerto Rican bank]

The company changed its name to OFG Bancorp from Oriental Financial Group in 2013.[http://www.ofgbancorp.com/file/Index?KeyFile=16799736 Shareholders Approve Changing Name of Oriental Financial Group Inc. to OFG Bancorp]

In 2019, OFG Bancorp acquired all operations of Scotiabank within Puerto Rico and The United States Virgin Islands territories as part of a $550M cash deal.[https://www.reuters.com/article/us-oriental-bank-m-a-bank-of-nova-scotia/scotiabank-to-sell-puerto-rico-u-s-virgin-islands-operations-to-oriental-bank-idUSKCN1TR33T Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank]

In 2023, OFG CEO José Rafael Fernández was named American Banker's Community Banker of the Year.{{cite web | url=https://www.americanbanker.com/news/community-banker-of-the-year-ofg-bancorps-jose-rafael-fernandez | title=Community Banker of the Year: OFG Bancorp's José Rafael Fernández | date=16 November 2023 }} Fernández credited the honor to the efforts of the entire team at Oriental over the last 20 years.{{cite web | url=https://newsismybusiness.com/american-banker-magazine-names-oriental-ceo-community-banker-of-the-year/ | title=American Banker Magazine names Oriental CEO 'Community Banker of the Year' | date=20 November 2023 }} He was named Chairman of OFG Bancorp in 2024.{{Cite web |date=14 May 2024 |title=FORM 8-K |url=https://www.sec.gov/Archives/edgar/data/1030469/000103046924000022/ofg-20240508.htm |access-date= |website=Securities & Exchange Commission}}